- AGL Energy (AGL) reports a $1.26 billion statutory loss for FY23 amid challenging market conditions
- The closure of AGL’s Liddell Power Station and targeted thermal asset shutdown contributed to the loss
- AGL records underlying FY23 profit after tax of $281 million, a 25 per cent increase from FY22
- Total AGL customer services grow by 56,000 to 4.3 million during the year
- AGL shares are down 3.54 per cent, trading at $11.17 at 3:31 pm AEST
AGL Energy (AGL) has reported a statutory loss of $1.26 billion for the 2023 financial year amid challenging market conditions.
This number was driven by the closure of AGL’s Liddell Power Station and the targeted shutdown of thermal assets as part of the company’s decarbonisation strategy.
Despite this, AGL recorded an underlying FY23 profit after tax of $281 million, a 25 per cent increase on FY22.
During the year, total AGL services to customers increased by 56,000 to 4.3 million.
“AGL’s financial result for FY23 reflects a strong second half following a challenging start to the year, which was impacted by volatile energy market conditions and forced plant outages, including the prolonged outage of Loy Yang Unit 2,” AGL Managing Director and CEO Damien Nicks said.
Moving forward, a key highlight of AGL’s refreshed strategy is its ambitious renewable energy target of 12 gigawatts, supported by a 5.3-gigawatt development pipeline with a 2025 target.
Looking ahead, AGL maintains its positive outlook for FY24, with expectations of higher earnings in Integrated Energy, maintaining its market leadership in the commercial solar space and delivering three times more solar than the nearest competitor.
AGL shares were down 3.54 per cent, trading at $11.17 at 3:31 pm AEST.